
Winning Insurer Confidence: Effective Risk Strategies to Mitigate Law Firm Risks & Cut PII Premiums
Watch the Video to learn about
- Why misconceptions about insurers can lead your firm to miss out on critical support and long-term cost savings.
- Why an unclear risk culture is harming your firm’s reputation with insurers, clients, and regulators.
- How failing to engage insurers early in M&A deals can derail acquisitions or lead to unexpected liabilities.
- How to turn risk into a competitive advantage.
- The data-driven strategies successful law firms use to lower PII premiums.
Listen to Katchr Managing Director Graham Moore and Gareth Milner, Managing Director of JM Glendinning Insurance, discuss how law firms can navigate risk management to not only protect their businesses but also leverage risk to their advantage. This conversation explores key misconceptions about risk, why insurers may be your unexpected allies, and how metrics and culture can redefine your firm’s risk profile.
Watch the Video to learn about
- Why misconceptions about insurers can lead your firm to miss out on critical support and long-term cost savings.
- Why an unclear risk culture is harming your firm’s reputation with insurers, clients, and regulators.
- How failing to engage insurers early in M&A deals can derail acquisitions or lead to unexpected liabilities.
- How to turn risk into a competitive advantage.
- The data-driven strategies successful law firms use to lower PII premiums.
Listen to Katchr Managing Director Graham Moore and Gareth Milner, Managing Director of JM Glendinning Insurance, discuss how law firms can navigate risk management to not only protect their businesses but also leverage risk to their advantage. This conversation explores key misconceptions about risk, why insurers may be your unexpected allies, and how metrics and culture can redefine your firm’s risk profile.
Don’t have time to watch now? Here are some highlights.
Defining & Measuring Risk
“If you can’t measure something, you can’t really manage something.”
“The first step in managing risk is to truly understand it. What does risk mean to you, and how does it align with your strategy?”
Misconceptions About Insurers
“The main misconception around risk management for law firms is probably that insurers are out to get them… This is largely untrue.”
“Most insurers now employ risk management sections, looking at ESG, culture, and mental well-being, to help firms create less claims.”
Leveraging Data for Profitability
“We worked with a firm to analyze the profitability of their conveyancing files… By staying below a 45% conveyancing workload, they ensured they remained profitable and managed their PII costs effectively.”
“The key is really in the whys… Your firm stats will be firm stats, but being able to explain them and show your strategy is what makes the difference.”
Strategic M&A Planning
“Professional indemnity insurance can scupper the whole thing depending on successor practice rules and the insurer’s appetite for the firm being acquired.”
“Engage insurers and brokers early… Insurers might even know something crucial to the deal that the firm doesn’t.”
Leadership and Risk Culture
“Leadership has to live and breathe the values it promotes… Doing the right thing consistently generates a successful culture and a stronger risk profile.”
“Firms that can say, ‘This is the journey we’ve been on and how we’ve improved over five years,’ with hard numbers to back it up, will stand out.”
Emerging Risk Trends
“AI seems to have replaced the conversation around crypto and blockchain… Insurers take a cautious view, depending on how firms use it.”
“Cyber risk will always be a concern for law firms because of the nature of their work, but having proper protocols in place can mitigate this.”
Practical Advice for Law Firms
“Don’t wait until renewal to focus on risk. If you work on your risk presentation early, you’ll stand out among your peers.”
“Don’t be an island. Share challenges internally and externally. There’s always someone who can help.”
“If you’ve got a specialism, embrace it. Showing you’re an expert in your field can actually reduce your risk profile.”
Gareth Milner
Gareth has 20 years’ experience in the Solicitors’ professional indemnity market, acting for some of the most prominent legal businesses in the country and leading JMG’s Professional Risks team, which looks after Professional Indemnity and associated insurances for over 250 law firms from its offices in Leeds and Birmingham.
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